Arsenal's second-largest shareholders have expressed their "deep reservations" over the direction of the club under Stan Kroenke following Robin van Persie's decision not to sign a new contract at the Emirates Stadium.

In an open letter to the Arsenal board, Red & White Securities Limited, fronted by the oil magnate Alisher Usmanov and Farhad Moshiri, delivered a scathing attack on past and present directors and claim the continued exodus of star players is a result of policies that prioritise their riches above "squeezed" supporters. Usmanov and Moshiri own almost 30% of shares in Arsenal's parent company but do not have a seat on the board. The pair insist they will continue to increase their shareholding, with shares currently trading around £17,000 each, and will "do what is necessary" to end Arsenal's seven-year trophy drought and keep its finest talent at the club.

Manchester City want to add Van Persie to the collection of ex-Arsenal players at the Etihad Stadium but have yet to make a formal offer for the 28-year-old who was instrumental in the team's qualification for the Champions League last season. The Italian champions Juventus and Paris Saint-Germain are also interested. Van Persie's announcement that he will not extend his contract before it expires next summer, following the exits of Cesc Fábregas and Samir Nasri last summer, reflects doubt over Arsenal's trophy-winning potential and exposed the deep divide within the club's hierarchy.

Red & White's letter states: "The real conflict seems to be between the supporters' expectations and your vision for the club and at the heart of this is the policy of so-called self-financing. The self-financing model was created to suit the major shareholders at the time, all of whom subsequently sold their shares. The previous decision by the board to fund the building of the Emirates Stadium with long-term debt was, we believe, certainly not about self-financing."

It continues: "As a consequence of this policy, which is dressed up as prudent financial planning, it is down to our manager [Arsène Wenger], and not the shareholders, to have to deal with the club's tight finances, carry the burden of repaying the stadium debt by selling its best players and having to continue to find cheaper replacements. All of that, naturally, comes at the expense of performance on the pitch."

Arsenal have yet to respond to the open letter but are reviewing its contents. The club insist their board and Wenger remain committed to the "self-financing" model, with Lukas Podolski and the France international Olivier Giroud signed this summer so far, but Van Persie's deliberate statement illustrated reservations within the squad. Theo Walcott, who also has 12 months remaining on his Arsenal contract, is believed to be considering his future.

The Red and White letter added: "This policy is leading to the loss of our best players, often to our main competitors, and even causes the players themselves to question their future at the club and the club's ambitions. The situation with our captain and outstanding performer from last season Robin van Persie sums this up.

"Yet again we are faced with losing our true marquee player at the club because we cannot assure him of the future direction and give confidence that we can win trophies. Where are the safeguards to ensure that this doesn't happen again and again in the future?"

Arsenal are due to play Manchester City in a pre-season friendly at Beijing's Bird's Nest Stadium on 27 July. It remains to be seen whether van Persie, who Arsenal claim will honour the final year of his contract, will be involved, or for which team.